people of India An RBI survey on Friday, May 27, concluded that the Rs 100 note was more useful, and the Rs 2000 note was the least useful. survey, which was published in Reserve Bank of India Annual This year’s report said that the 100 rupee notes were the most liked among Indians, while the 2000 rupee notes were the least liked. reserve Bank of India The survey also found that only Rs 214 crore or 1.6 per cent of the total currency notes in circulation comprised of the total Rs 2000 notes.
RBI Survey of Consumers on Bank Notes
“A diverse sample of 11,000 respondents from rural, semi-urban, urban and metropolitan areas spread across 28 states and three union territories participated in the survey. 351 visually impaired respondents (VIRs) were also included in the survey. The survey covered respondents aged 18 to 79 with a gender representation of 60:40 for men and women. RBI Annual Report Told.
Here’s what the survey findings revealed
The survey findings showed that, among banknotes, ₹100 was the most preferred denomination while ₹2000 was the least preferred denomination.
– Among the coins, the value of ₹ 5 was most liked while the value of ₹ 1 was liked the least.
The watermark of Mahatma Gandhi’s image followed by the window security thread was the most recognized security feature.
About 3 percent of the respondents were not aware of any banknote security feature.
Overall, around seven out of 10 respondents were found to be satisfied with the new series of banknotes.
Most of the visually impaired were found to be aware of the quality of the paper and the size of the banknotes.
banknotes in circulation
The value and quantity of banknotes in circulation increased by 9.9 per cent and 5.0 per cent, respectively, during 2021-22, while it increased by 16.8 per cent and 7.2 per cent, respectively, during 2020-21. In terms of value, the ₹500 and ₹2000 banknotes accounted for 87.1 per cent of the total value of banknotes in circulation as on March 31, 2022, as against 85.7 per cent as on March 31, 2021, the RBI said in its report.
“In terms of volume, ₹500 denomination constituted the highest share at 34.9 per cent, followed by ₹10 denomination banknotes, which accounted for 21.3 per cent of the total banknotes in circulation as on March 31, 2022,” RBI said. he said.
“The total value of coins in circulation increased by 4.1 per cent in 2021-22, while the total quantity increased by 1.3 per cent during the same period. As of March 31, 2022, ₹1, ₹2 and ₹5 coins together accounted for 83.5 per cent of the total quantity of coins in circulation, while in terms of value, these denominations accounted for 75.8 per cent,” it noted.
“Going forward, the Reserve Bank will endeavor to further modernize the processing of banknotes, rationalize currency management procedures, promote analytical research to strengthen the integrity of banknotes, complete indigenization of raw materials for banknote production To formulate a strategy for, increase public awareness through technical assistance and study of public use of cash, coins and digital modes through a pan-India survey,” the central bank said in its annual report.
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